Entries tagged with “ProPay”.

Being a small business owner is difficult. The last thing you want to do is take precious time away from running your business to deal with security breaches or overly-complicated payment processes. But finding a payment solution doesn’t have be a source of stress. You can stay focused on the aspects of your business that you are passionate about by choosing ProPay’s ready solutions for accepting and processing payments. ProPay offers an array of affordable options to small businesses. These flexible payment card processing options are designed to meet the specific needs of small businesses so you can live up to the expectations of your customers. Choose the option that works best for your company and appeals to your clients. With so many flexible solutions, you’ll have no trouble finding the right fit.

1. Mobile Payments

These days, customers expect the convenience of being able to swipe and go. With ProPay’s card reader you can be sure that their information is processed securely and accurately. The JAK mobile card reader lets you process cards in real-time. It fits into the audio jack of any iPhone and many Android devices. This neat little gadget enables even the smallest business to jump into processing credit cards with very little investment. This is important because mobile payments are among the most convenient and flexible ways for customers to pay. ProPay JAK enables you to accept and process payments with smartphones, tablets — whatever device works best for you and your customers. Swiped credit card transactions cost 2.6%, making it an affordable option for small businesses. No one can afford to lose money while making money.

2. ACH Processing

Security and convenience are your top priorities when it comes to processing payments. And navigating the ACH network has never been more convenient or more secure. You can process ACH payments, including e-checks, using ProPay’s ProtectPay suite of services to ensure your customer’s financial safety. Confidential information, like bank accounts and routing numbers, are immediately encrypted. Then, sensitive information is replaced with a unique identifier, or token, so there’s no need to for you to ever store it, protecting you and your customers. The result of this secure process is that you don’t get hacked and your customers remain happy.

3. Email Invoice

No one wants to deal with piles of paper anymore. Going paperless is more efficient and has many advantages—especially for small businesses. Most small businesses just don’t have the time or space to file and store actual paper invoices. ProPay’s email invoicing is a great option because it lets you digitize billing information. Another benefit of email invoicing is that it enables your customers to pay online as soon as they receive their invoice, saving steps (and paperwork!) on both ends of the transaction.

4. Phone Web Interface

With ProPay Mobile you can run your business from anywhere using just your phone. It’s a great option to be able to process credit cards and debit cards with your smart phone. You can also use your phone to check your account balance, view transactions in process, check your remaining processing limit, and transfer funds into your bank account. This kind of immediate access is crucial when you’re making important decisions and running your business on the go.

5. Online Terminal

Enable your customers to pay through your website by using ProPay’s online terminal. “Buy Now” and “Donate” buttons are some of the most intuitive and reliable ways to accept payment from your customers. These simple buttons are the ultimate in convenience. Plus, with ProPay you don’t have to spend a lot of time worrying about your customers’ security. Sensitive material is immediately encrypted and assigned a token to ensure customer safety and prevent security breaches. Your transactions will go more smoothly and customers will appreciate the convenience and security your payment processing offers. This is a key component of customer satisfaction, which small businesses rely on.

You’ve worked hard to keep your credit clean, and your business should be rewarded for it. One of the top credit processing trends of 2015 is for payment processing companies, a quickly proliferating industry, to offer rebates and rewards as an enticement to clients with good credit who deserve to cash in on the rebates and rewards. It’s similar to the way personal credit card companies monitor and reward clients with good credit who pay on time. This may come in the form of an initial rebate, or a percentage back at the end of a pay period. Personal credit card offers can suck people in with point systems that dupe some customers into rationalizing overspending because they are earning points or airline miles. There’s not the same risk with payment processing providers since your rebates and rewards are contingent on transactions you were already processing; it’s simply a smart way to capitalize on your system for accepting payments and processing cards. There’s no reason not to take advantage of these offers. With so many options in the payments industry vying for your business, there’s also no reason to compromise. Find a rebate and rewards program that works for you.

Capitalize on Rebates and Rewards

Savvy businesses are capitalizing on opportunities such as rebates and rewards to create new revenue streams.  When you’re looking for a payment processor, choose one that offers rebates and rewards that help you maximize your investment. Use a payment processor that gives you something in return for your business and rewards you for being conscientious about your credit. If you’re managing a business, you know that being scrupulous about your financials is its own reward. Payment processing rebates are just a way to cash in on smart business practices.

Picking the Right Card

It’s essential to do your homework and find the card that’s right for your business. Pick one that’s easy to use and fits your financial style. Check the interest rates and the fees. Make sure you know what you’re getting in return for your business. Do the math—obviously, if the fees are more than the rewards, it’s not a good fit for you. For most businesses, a slow-and-steady approach wins the race. Consistent rewards for paying on time and staying within processing limits are usually the best way to go. Watch out for enticing deals that come with your initial sign-up, but peter out before they provide much of a benefit to you.

ProPay offers a nice rebate in the form of a processing credit, which you can earn after the first 90 days of activating your account. When you sign up for a ProPay account and process $600 in credit card sales in the first 90 days you’ll earn a processing credit worth $29.95. This processing credit covers all of the fees you would normally have paid to ProPay as you process credit cards or transfer funds from your account after receipt of this rebate. It’s a handy way to take care of some of the fees associated with processing cards.

Targeted Reward Programs

As the payment processing arena gets more competitive, expect to see rebate and reward programs becoming more and more specific to customer needs and spending patterns. Strategy& observes the following:

“In the technology sphere, we see opportunities for companies in the payments industry to mine customer data and create analytics that can support increasingly sophisticated merchant-funded rewards programs. These programs are becoming more and more pervasive, offered by an ever-broader assortment of national and local retailers, and their success in an era of ‘big data’ is determined by how well they are integrated with the consumer’s path to purchase. The customer’s location — physical store, mobile computer or desktop, smartphone or tablet — as well as recent purchase history, browsing habits, checkout completion rate, response to marketing impressions, and type of credit card used are among the many data points that payments providers can help retailers evaluate to make rewards programs more relevant to individual consumers. This, in turn, should increase sales per active customer and improve retailer marketing ROI.”

This is a promising trend for business owners who rely on the payments industry for their day-to day credit card processing. As their offers are fine-tuned to meet your needs you’ll best be able to capitalize on a rebate and reward program that recognizes and appreciates your good credit.

Small businesses are always at the risk of failure. While poor cash management is one contributing factor, the real culprit is internal theft. Thus, fraud prevention for small businesses should be a top priority.

Crimes vary from simple cash register skims to sophisticated embezzlement that siphons off capital for months, potentially years.

The Association of Certified Fraud Examiners “Report to the Nations on Occupational Fraud and Abuse: 2014 Global Fraud Survey” indicates that the typical organization loses 5 percent of revenues each year to fraud. The median loss due to embezzlement was $130,000.

The report found that the smaller the business, the more disproportionate the loss. Why? Smaller business tend to shirk on anti-fraud controls. As a consequence, cash and funds sneak out the back door, vital business revenue is stolen, and the business faces tremendous loss.

It’s often the case that by the time fraud is discovered, it’s too late. Forensic accountants arrive long after a significant amount of money has been siphoned off, costing businesses dearly. However, they should still be utilized. According to the report, organizations that implemented proactive fraud prevention measures resulted in losses 60 percent smaller and schemes 50 percent shorter in duration than organizations that did not implement fraud prevention measures.

“Small businesses face a unique set of challenges when it comes to detecting and preventing fraud,” says James D. Ratley, president and CEO of ACFE, adding “Losing … money to employee theft is an expense many small businesses just can’t absorb. You rely on the trust of your employees to make your company successful. But how much trust is too much?”

Considering that small businesses don’t have money to burn, the extra cost of lifetime protection seems like a good investment. There are also ways small businesses can protect themselves, including:

- Conduct background checks on all employees

- Write-out and implement a code of ethics

- Divide bookkeeping and bill payment authority

- Deliver unopened bank statements to top management

- Develop a reporting mechanism or hotline for possible fraud

Keep in mind that the vast majority of fraudsters are first timers, often working with a company for years before they start to embezzle. While a background check won’t predict fraudulent behavior, you should always proactively monitor and understand any risks or warning signs.

To learn more about fraud protection for your business, feel free to contact ProPay. Call 888-227-9856 or email marketing@propay.com.

Cyberattacks and security breaches are growing exponentially around the globe, putting financial data of companies and its customers at risk of an attack. Businesses large and small need to make cybersecurity a serious priority and as much a part of daily operations as marketing or accounting. Otherwise, cybersecurity breaches that compromise financial data could result in a massive loss of revenue and credibility for your business.

In the U.S, businesses from every industry face huge financial losses every year. Well-organized cybercriminals attempt to steal money, sensitive data and property; hackers try to access trade secrets, and foreign governments are conducting industrial espionage.

As of 2012, the Center for Strategic International Studies in Washington, D.C., estimated that cyberattacks were costing businesses worldwide about $445 billion per year. U.S. firms alone are losing about $100 billion annually, leading to the loss of about 200,000 jobs a year, according to the center. The vulnerabilities are the result of network connections growing rapidly worldwide. But now, in the smartphone era, hackers aren’t just looking to compromise your personal computer or laptop.

“The growth in all these connected devices and systems presents vast opportunities for criminals, “says Mark Fidel, president of Albuquerque-based Computational Network Security & Enterprise Solutions LLC. He adds, “We have to think of every device as a doorway that they can come through. If it’s adequately secured, it’s hard for them to get in but, if it’s not, it’s really pretty simple.”

As personal devices abound, new system vulnerabilities are adding up, giving businesses a lot more financial risk. In addition, most industries have digitalized nearly all their data, thus increasing the amount of sensitive information that cybercriminals can steal.

To avoid any financial disasters or damaged credibility, businesses from across every sector need to ensure protective measures are in place and they’re effectively monitored and maintained. Some concrete actions businesses can take include encryption technology and working alongside IT professionals to regularly assess risks and update security.

To learn more about cybersecurity and how to protect your business from malicious attacks, feel free to contact ProPay. Call 888-227-9856 or email marketing@propay.com.

If you’re a small business owner, you want more money. Startups are expensive, and often more money goes out than it comes in.

While many financial problems can be solved temporarily with more money, the majority of small business owners must work with what they have. This means being financially intelligent and using your available cash resources effectively. Below, we discuss 6 tips that will enhance your company’s ability to improve financial management.

1) Do The Math

In order to effectively track the money that goes in and out from your business, you need to determine the true costs of your products and services. This includes labor, rent, marketing, insurance, utilities, taxes, and anything else required. But don’t stop here.

2) Find Out Your Hidden Costs

Have you borrowed money? Has interest and debt accrued? Do you have legal expenses or other hidden costs?

When determining the true cost of your business, you also need to factor the expenses of legal services, your own salary and capital for future expansion. Many small business owners forget to calculate these hidden costs. However, once you know how much money it takes to run your business you can start thinking ahead and plan how much you’ll need to grow.

3) Know The Marketplace

Get to know your marketplace. Analyze competitors, determine their strengths, weaknesses, and whatever opportunities therein. Ascertain how your company compares in terms of goods, services, and pricing. Also, work on thoroughly understanding your customers and figure out what they want. The best way to do this is to just ask.

4) Invest In Technology

Technology contributes a lot of value to your business. Things like mobile devices, cloud-based servers, financial management tools and online banking allow small business owners to increase productivity and work from anywhere more effectively.

5) Find A Trustworthy Professional

Accountants and bookkeepers are invaluable partners to your small business. They can calculate the total costs of your business, tell you where it’s going, and the best way to get there. They’ll analyze your financial data and provide you with an overview of your opportunities and needs.

6) Set Priorities

Obviously, you want your small business to make a profit. But how will you accomplish that? Do you want to see your product on every shelf? Do you want to expand your brand or stay small and work with only high-end clients? Identifying what you want and your priorities will better determine the future course of your business.

To learn more financial tips to help make your small business successful, feel free to contact ProPay. Call 888-227-9856 or email marketing@propay.com.